Coalition Forms to Advocate Adequate Insurance Coverage

WASHINGTON, DC-Real estate industry associations have joined a bevy of trade organizations and various companies to create the Coalition to Insure Against Terrorism (CIAT), a group effort among business insurance policyholders to get Congress to pass terrorism insurance legislation as soon as possible. Members range from the Mortgage Bankers Association and the National Association of Real Estate Investment Trusts, to the National Football league and Union Pacific Corporation.

CIAT is concerned about the fact that terrorism insurance is either not available or is available at astronomical costs. “The purpose of the coalition is for making a case on Capitol Hill about the [property insurance-related] risks posed by possible covert attacks of terrorism,” GlobeSt.com learns from Jay Harris, vice president of property management for the National Multi Housing Council and the National Apartment Association. Both associations are coalition members. “We’re advocating federal involvement to help make sure that adequate coverage is available to firms. Specifically regarding apartments, some firms are perceived to be out of harms way — such as those with property in rural locations — and we want to assure that those firms are not required to buy terrorism insurance if they choose not to.”